topic Would this be a safe assumption? in Understanding FICO® Scoring

Would this be a safe assumption?

Anonymous — Wed, 02 Jan 2013 19:40:44 GMT

I know I can get a more concrete score by applying for a new line of credit or mortage, but I am holding off on the iniquiries.

MyFico shows my EQ as 665, CK (I know this is just FAKO) shows as 669 and FCR.com (Again, FAKO) shows as 736.

Would it be a safe bet that most likely all my scores would be around 660-680? All the information is about the same on all 3 bureaus.

Shogun — Wed, 02 Jan 2013 19:48:06 GMT

Your score should match the myFIKO score so around 665 would be accurate. As far as the FAKOs go, I put no weight into those whatsoever.

RobertEG — Thu, 03 Jan 2013 16:51:28 GMT

The new inquiry is not, in my opinion, the most significant consideration. They only score for a year.

The more long-term categories of credit mix, util, and length of credit need to be considered.

If you currently have multiple revolving and at least one installment, you probably wont gain much in credit mix.

Any new account will necessarily lower your avg age of accounts, as it will initially have an age of zero.

What is your current AAoA, and how much would the new account lower its value?

Installments have their own scoring for util, and have a much lower impact than revolving util. So a new installment wont have much effect on util.

If a new revolving, and the account has a low CL, then it wont help much in decreasing your overall revolving % util.